JLL arranges $1.1B multi-housing portfolio transaction

Rhea-AI Summary

JLL (NYSE:JLL) has successfully arranged a significant $1.1 billion multi-housing portfolio venture spanning 15 properties across six states. The transaction involves Sunroad Enterprises and Fairfield, with JLL securing $415 million in financing from Freddie Mac and an additional $250 million from KKR.

The portfolio encompasses 3,830 units, consisting of six Class A core assets and nine value-add properties. The assets, with an average 2011 vintage, are distributed across Arizona (6), Colorado (3), North Carolina (2), South Carolina (2), Nevada (1), and Georgia (1), comprising 65% garden-style and 35% mid-rise communities.

According to JLL's Global Living Investment Universe 2025 report, the Living sector is projected to generate $1.4 trillion in transactions over the next five years, maintaining its position as the largest sector globally.

Positive

• None.

Negative

• Portfolio represents only a portion of Sunroad's overall holdings, indicating partial divestment
• Nine properties require ongoing renovations, implying additional capital expenditure needs

Insights

Real Estate Investment Analyst

JLL demonstrates strong deal-making capabilities with $1.1B housing portfolio transaction, showcasing market resilience despite economic headwinds.

This $1.1 billion multi-housing portfolio transaction represents a significant win for JLL's Capital Markets group, highlighting their transaction structuring expertise in a challenging economic environment. The deal involves 15 properties across six states totaling 3,830 units, with JLL arranging both the venture between Sunroad Enterprises and Fairfield plus $665 million in financing ($415 million from Freddie Mac and $250 million from KKR).

The portfolio's composition is strategically diverse - featuring six Class A "core" assets and nine value-add properties undergoing renovations, with an average building age of 14 years (2011 vintage). The geographic distribution across Arizona (6 properties), Colorado (3), North Carolina (2), South Carolina (2), Nevada (1), and Georgia (1) reduces regional risk exposure.

Most revealing is how this transaction aligns with broader market trends identified in JLL's own research, which forecasts $1.4 trillion in living sector transactions over the next five years. The deal structure itself demonstrates innovation in providing liquidity solutions that don't require complete divestment - exactly the kind of complex transaction capability that distinguishes top-tier real estate service firms.

The successful execution of this large-scale deal during what JLL describes as "headwinds in the broader economy" demonstrates that institutional demand remains robust for quality multi-housing assets, particularly those with value-add components. This validates JLL's business model and showcases their ability to facilitate major transactions even in challenging market conditions.

Working on behalf of Sunroad Enterprises, JLL arranged the venture with Fairfield

SAN DIEGO, Sept. 15, 2025 /PRNewswire/ -- JLL's Capital Markets group announced today that it has arranged a $1.1 billion, 15-property, national multi-housing portfolio venture located in six states.

JLL worked on behalf of the owner, Sunroad Enterprises, to capitalize the portfolio with Fairfield, who was awarded the portfolio through a targeted marketing process. Additionally, JLL also arranged $415 million in financing for 10 assets with Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo Lender. Additionally, $250 million of financing was secured from accounts managed by global investment firm KKR.

The portfolio, which represents a portion of Sunroad's overall portfolio, was assembled over a six-year period. It totals 3,830 units and consists of six high-quality, Class A "core" assets and nine value-add assets with ongoing renovations underway. The assets have an average vintage of 2011 and are a mix of 65% garden-style communities and 35% mid-rise communities that are geographically diverse, with six in Arizona, one in Nevada, three in Colorado, two in North Carolina, two in South Carolina and one in Georgia.

According to JLL's Global Living Investment Universe 2025 report, Living is the largest sector globally and is forecast to retain the number one spot with a further $1.4 trillion in transactions over the next five years. The Living 15, the largest investment markets, contributed 98% of living investment and 32% of global commercial real estate investment over the last five years, with investment rising 19% from the previous five years.

"These assets are some of the most desirable from a location, positioning and improvement perspective," stated Dan Feldman, President of Sunroad Asset Management. "JLL conducted a strategic analysis of top-tier capital partners, and Fairfield, with their strong financial backing, made sense for us. Sunroad was focused on alternative exit strategies, which enabled liquidity to be created while not divesting of the assets. This was the perfect solution for Sunroad."

"Fairfield was attracted to the premier quality of the assets and their locations across multiple high-growth markets," said Wes Dickerson, Executive Vice President of Fairfield. "Sunroad has done an excellent job maintaining the portfolio in an institutional manner and has executed a top-of-the-line renovation strategy that we look forward to completing as partners. Fairfield has been focused on specialized recapitalization opportunities across our various investment vehicles for the past year and this transaction is representative of that strategy." 

JLL Capital Market's advisory team was led by Senior Managing Directors Aldon Cole, Roberto Casas and Tim Wright and Vice President Bharat Madan. Colton Apartments in Henderson, NV, was handled by Managing Director Mark Wintner.

"This unique transaction brought together Sunroad Enterprises and Fairfield, two of the U.S.'s most capable multifamily operators," said Cole. "Despite headwinds in the broader economy, this transaction demonstrates strong demand and liquidity in the multi-housing sector for both core and value-add properties as evidenced by the scale of this transaction."

JLL's Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory, or a recapitalization. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos, and research resources, please visit JLL's newsroom. 

Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.

About Fairfield
Fairfield is an owner, developer, and operator of multifamily communities throughout the U.S. We own approximately 45,500 units nationwide across luxury new construction, renovated apartment homes, and tax credit affordable housing in urban and suburban neighborhoods. We offer a vertically integrated national multifamily services platform providing development, construction, renovation, asset and property management, and acquisition and disposition services to our investors. Fairfield operates nationwide, headquartered in San Diego with regional offices in Atlanta, Boston, Dallas, Denver, and Washington, D.C. Fairfield Realty Advisors LLC is registered as an investment adviser with the U.S. Securities and Exchange Commission.

About Sunroad Enterprises
Sunroad Enterprises is a diversified and experienced holding company. Founded in 1977 in San Diego, Sunroad consists of two distinct divisions: Real Estate and Automotive. The company has built over 3,000,000 square feet of Class A office space, developed/operated the 600 slip Safe Harbor Sunroad Marina, owns or is under development on nearly 10,000 multifamily units and operates Maderas Golf Club, recently ranked by Golf Digest as a top 100 Golf Course.  Sunroad Enterprises has been involved in projects in California, Colorado, Nevada, Arizona, Washington, Georgia, Tennessee, N. Carolina, S. Carolina and Mexico, and has earned numerous quality commendations from local, regional and national organizations. On the auto side, Sunroad currently owns and manages 25 new car dealerships in the US & Mexico, with annual vehicle sales in excess of 35,000 cars sold and 300,000 customers choosing Sunroad for service.  Sunroad is proud to have won, amongst others, the Ford Triple Crown Award, Honda Presidents Award, Subaru Stellar Performer and BMW Center of Excellence Award. Learn more about Sunroad at sunroadenterprises.com.

About JLL 
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 company with annual revenue of $23.4 billion and operations in over 80 countries around the world, our more than 112,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY^SM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com. 

Contact: Gréta Kieras, Senior Associate, Public Relations
Phone: +1 949 930 8498  
Email: greta.kieras@jll.com

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SOURCE JLL

FAQ

What is the total value of the multi-housing portfolio transaction arranged by JLL in September 2025?

JLL arranged a $1.1 billion portfolio transaction involving 15 properties across six states, with Sunroad Enterprises and Fairfield as key parties.

How many properties and units are included in JLL's $1.1B portfolio transaction?

The portfolio includes 15 properties with 3,830 units, consisting of six Class A core assets and nine value-add properties across six states.

What financing arrangements did JLL secure for the multi-housing portfolio?

JLL secured $415 million in financing from Freddie Mac for 10 assets and an additional $250 million from KKR-managed accounts.

How are the properties distributed across different states in JLL's portfolio transaction?

The properties are distributed across six states: 6 in Arizona, 3 in Colorado, 2 in North Carolina, 2 in South Carolina, 1 in Nevada, and 1 in Georgia.

What is the composition of property types in JLL's multi-housing portfolio?

The portfolio consists of 65% garden-style communities and 35% mid-rise communities, with an average vintage of 2011.